Harsha Engineers IPO: After allotment of shares, allottees and market observers are eagerly awaiting IIE-Engineers IPO listing date, which is most likely on 26th September 2022. Meanwhile, despite the weak trend in broader markets, it seems the stock is set for a strong listing. According to market observers, shares of Harsha Engineers International Ltd is available at a premium of ₹185, which is ₹15 above from its Thursday grey market premium (GMP).

IIE-Engineers IPO GMP today
Market observers said that IIE-Engineers IPO GMP today is ₹185, which is ₹15 more from its yesterday’s GMP of ₹170. They went on to add that Harsha Engineers IPO GMP slipped from around ₹240 to ₹170 levels this week due to weakness in secondary markets. They said that grey market sentiments have improved today as there was strong rebound witnessed in the secondary market from its intraday low on Thursday. They expected further improvement in grey market sentiments in regard to Harsha Engineers shares if there is further improvement in Dalal Street sentiments.

What this GMP means?
Market observers maintained that despite weakness in secondary markets, grey market has been signaling strong listing premium from IIE-Engineers IPO. They said that Harsha Engineers IPO GMP today is ₹185 that means grey market is expecting that the public issue would list around ₹515 ( ₹330 + ₹185), which is more than 55 per cent from its issue price of ₹314 to ₹330 per equity share. They said that despite weakness in market sentiments, the grey market is expecting more than 55 per cent listing premium from the issue signals that grey market is expecting strong listing of the IPO irrespective of the market sentiments.

The Initial Public Offer (IPO) of IIE-Engineers got subscribed nearly 75 times, helped by heavy demand from institutional buyers. The quota for Qualified Institutional Buyers (QIBs) got subscribed 178.26 times, while the portion for non-institutional investors received 71.32 times subscription. The IPO of up to ₹755 crore had a fresh issue of up to ₹455 crore and an offer for sale of up to ₹300 crore. The price range for the offer was at ₹314-330 a share.

However, stock market experts maintained that grey market numbers should not be taken seriously as it has no connect with the fundamentals of the company. They said that grey market numbers can be artificial as it involves even those who have high stake in the success or failure of the IPO. They said that allottees should stick with their conviction and remain glued to that as it’s fundamentals that gives concrete picture of the company’s financials not the grey market sentiment.